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Former Shuaa Capital CEO Fawad Tariq Khan has announced the first major investment by his new venture, private investment firm Exnite--a 17% stake in Irish investment firm Quintas Capital.
Tariq Khan, who announced he was stepping down from the Dubai-listed entity Shuaa Capital in 2023, said the multi-million euro deal with Quintas was an opportunity to acquire a strategic stake in an existing platform with access to and experience in the Irish market.
The investment is the second major venture by Tariq Khan since leaving Shuaa Capital earlier this year. He has also founded AI company Agentplex with former SHUAA MD Jassim Alseddiqi and tech founder and entrepreneur Anand Chhatpar.
Tariq Khan will join the board of Quintas along with another recent investor, Kevin MacSweeney, former chief investment officer of Irish private investment firm Broadlake.
Quintas Capital was formed as in independent entity in 2022 following the sale of its parent - accountancy and advisory firm Quintas Partners - to UK-based accounting firm Xeinadin.
The company works with high-net-worth investors and family offices on equity investment deals, and also advises the Employment Investment and Incentive Scheme (EIIS) Innovation Fund, which provides tax relief for investments in SMEs in Ireland.
While the exact value of the investment was not disclosed, Zawya understands that it is several million euros.
Recent ventures
Other recent ventures by Tariq Khan include the co-founding of Agentplex as well as investing in start-ups commercialising AI applications.
Exnite is in the process of UAE licensing, but the Quintas investment was done through Irish holding company Exnite QC limited.
The decision to invest in Quintas came about due to the Irish investment platform’s experience and access to the Irish market, Tariq Khan said.
“Exnite’s investment thesis for Ireland is underpinned by its economic outperformance compared to peers and a proactive approach to internationalisation due to proximity to the UK, access to the European Single Market and tradition of US expansion,” he added.
Tariq Khan will work alongside MacSweeney and Quintas CEO Kevin Canning to scale up the investment firm as it deploys capital across private equity and credit strategies in Ireland, Europe and further afield.
“Exnite is still in its early days and we are very excited about Agentplex and Quintas in the short term. But we continue seeking opportunities, especially in the areas of data and the digital economy,” Khan added.
(Reporting by Imogen Lillywhite; editing by Brinda Darasha)
